Waiting for payment on goods already delivered can make a small business' cash-flow tight. Using invoice factoring is an effective strategy to moderate the ups and downs of the billing cycle, yet only one fifth of qualifying businesses take advantage.
Three Methods to Increase Your Business' Revenue
Out of the three ways to increase revenue, most business owners only put one into practice. This may work to a degree, but to be truly effective you should use all three.
Advertise to Your Ideal Customers
Many business owners think that the best advertising strategy is to get their ads in front of the greatest number of people possible. This is not the case.
How much you should spend on advertising depends on many factors. Advertising consultants might say 8-10 percent of your revenue. Other people would say to match your competitors' ad spending. Another group of people would say spend whatever your business can afford. While some more pragmatic people would say to set your advertising budget according to a financial goal for your business.
New customers are essential to continued growth for your business. In some fields, new customers are the only way to stay in business. Here are three ways to find new local customers.